Mortgage application activity nationwide recently dropped to its lowest pace in 25 years, according to the Mortgage Bankers Association (MBA), with purchase and refinance applications down considerably compared to this time last year, when mortgage rates were hovering around 3%. The sharp increase in rates has caused mortgage applications for purchase to decline 39% compared to the same week a year ago.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 8:

• New Listings decreased 16.8% to 1,260
• Pending Sales decreased 40.2% to 812
• Inventory increased 1.7% to 8,959

FOR THE MONTH OF SEPTEMBER:

• Median Sales Price increased 6.3% to $362,100
• Days on Market increased 39.1% to 32
• Percent of Original List Price Received decreased 2.3% to 98.9%
• Months Supply of Homes For Sale increased 18.8% to 1.9

All comparisons are to 2021

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

U.S. home prices are falling at the fastest rate since January 2009, according to recent data from Black Knight, as shifting market conditions have led many sellers to lower their asking price. Nationally, median home prices fell by 0.98% from July to August, marking the second consecutive month prices have declined. Although home prices are down 2% from their peak in June, they remain up 12.1 % compared to the same period last year.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 1:

• New Listings decreased 20.0% to 1,271
• Pending Sales decreased 36.5% to 895
• Inventory decreased 0.8% to 8,934

FOR THE MONTH OF AUGUST:

• Median Sales Price increased 5.7% to $369,900
• Days on Market increased 22.7% to 27
• Percent of Original List Price Received decreased 2.4% to 99.9%
• Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2021

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Lumber prices plunged to their lowest level in more than two years following the Federal Reserve’s 75-basis-point rate hike last week, as soaring mortgage interest rates and the slowdown in the US housing market have caused lumber demand to cool rapidly this year. The Wall Street Journal reports lumber futures are down about one-third from a year ago and have fallen more than 70% from this year’s peak in March.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING SEPTEMBER 24:

• New Listings decreased 20.2% to 1,273
• Pending Sales decreased 29.4% to 983
• Inventory increased 0.4% to 9,039

FOR THE MONTH OF AUGUST:

• Median Sales Price increased 5.7% to $369,900
• Days on Market increased 22.7% to 27
• Percent of Original List Price Received decreased 2.4% to 99.9%
• Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2021

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Lumber prices plunged to their lowest level in more than two years following the Federal Reserve’s 75-basis-point rate hike last week, as soaring mortgage interest rates and the slowdown in the US housing market have caused lumber demand to cool rapidly this year. The Wall Street Journal reports lumber futures are down about one-third from a year ago and have fallen more than 70% from this year’s peak in March.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING SEPTEMBER 24:

• New Listings decreased 20.2% to 1,273
• Pending Sales decreased 29.4% to 983
• Inventory increased 0.4% to 9,039

FOR THE MONTH OF AUGUST:

• Median Sales Price increased 5.7% to $369,900
• Days on Market increased 22.7% to 27
• Percent of Original List Price Received decreased 2.4% to 99.9%
• Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2021

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.